If you’re a business owner, in the future you won’t be. It’s just that simple. There is no escaping the reality that eventually you will exit from your business. Perhaps you will sell it, perhaps you will retire. You may grow bored with it or you may fall ill. The list of positive and negative possibilities is vast. And yet very few business owners engage in proactive exit planning. Most fail to establish arrangements for a thoughtful transfer of ownership that protects their interests, and the interests of other stakeholders including employees, vendors, and valued clients.
This whitepaper is designed for business owners who ought to be working on an exit plan, but haven’t yet done so. It explores why exit planning is so challenging for so many, and how you can overcome the emotional obstacles that prevent you from tackling this absolutely essential business process. This paper addresses five key questions that must be considered as part of the exit planning process:
1. How will you structure your time?
2. How will other people react to you?
3. What are your assumptions and beliefs?
4. What will your role be?
5. How will your departure affect your firm and your employees?
This is an excerpt from the whitepaper titled "What will you put on your business card after you’ve exited your business? and other tough questions regarding the next phase of your life . . ." written by Larry Gard Ph.D of Hamilton-Chase Consulting.
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